The company added that consumer data is stored securely in the cloud, and that it uses advanced technology for fraud detection. Besides protecting personal and financial information, PayPal's Buyer Protection policy also helps protect online shoppers if they do not receive an eligible item they have purchased from websites that accept PayPal, or if they receive an eligible item which is significantly different than described on the website.
"It is interesting to see that while the majority of online shoppers in Singapore have not encountered fraud, there remains a deep concern about becoming a victim of cybercrime. This is something we must address so that online shoppers do not need to hold back on making purchases online due to security fears, which stifles the potential for eCommerce to grow," said Rahul Shinghal, Country Manager for Southeast Asia, PayPal.
"As a globally-trusted online payments platform that is accepted in 203 markets around the world, PayPal is committed to providing consumers with the protection, convenience and choice of being able to shop the world anytime and anywhere. The results also present a great opportunity for merchants to partner with us in order to establish trust with their customers and provide much needed peace of mind," he added.
Bearing these security concerns in mind, PayPal has provided a few simple tips so consumers can achieve greater security and better peace of mind.
- Check if there is a 's' after "http". A "https" at the beginning of an URL means it's a lot more secure. Never enter your financial information on a website's checkout page without it.
- Beware of email scams. Do not click on links in suspicious emails, and do not ever give out your personal and financial details over email.
- If you like mobile shopping, only download apps from companies you trust, and check reviews. Be careful when downloading apps, because malicious ones can steal your financial data.
- Check that you have the latest version of apps and browser installed so as to ensure security protection is up-to-date
- If you are shopping with a new website you are unfamiliar with, just do an online search. A quick scan of reviews and recommendations from other shoppers will give you a good idea of how trustworthy the site really is. It's also good to exercise a good amount of common sense, especially for bargains that sound too good to be true.